BTC Breaks $56K as Fib Targets $378K, Saylor Projects $13M by 2045!

With a recent 3.57% 24-hour jump, the Bitcoin price reclaims the $56,000 mark. Currently, it is trading at $56,849 with a market cap of $1.122 trillion. With a huge market cap, BTC is dominating almost 56% of the total crypto market. With a recent recovery, the Fear and Greed index has risen to 41 out of 100, entering the neutral zone. 

Amid the recovery rally, the legendary Bitcoin maximalist Michael Saylor makes a bold Bitcoin projection that has likely boosted investors’ confidence in the digital gold. In a recent interview, Saylor forecasted that the Bitcoin price would reach an astonishing mark of $13 million by mid-century near 2045. 

Saylor’s Optimistic Viewpoint And Underlying Catalysts

With an extremely optimistic price point, Saylor’s deep belief in the underlying potential of Bitcoin is revealed as he expects Bitcoin to disrupt the global financial system. 

While making supporting statements to his prediction, Saylor projects that Bitcoin currently accounts for just 0.1% of the global capital, and he expects Bitcoin dominance to reach up to 7% by the projected year. This will be the critical driving force behind Bitcoin’s massive bull run. 

However, this is based on the assumption that Bitcoin will unlikely face zero to no regulatory hurdles in the global market. The assumption has some basis in the recent US Bitcoin spot ETF approval, which has experienced healthy inflows and growing global adoption. 

Further, Saylor has outlined a four-year projection for Bitcoin with an annual growth rate of 44%, which will eventually taper to 40% and 35% and eventually settle down to 30%. While the decline to 30% might seem like a massive drop compared to global assets, this will outperform nearly most investment instruments. 

The gradual deceleration will establish a mature market for Bitcoin in the traditional world while maintaining a robust nature compared to traditional financial assets. Compared to the S&P 500, Bitcoin is likely to outperform the index by 8% based on Saylor’s expectations. Based on his analysis, Bitcoin’s market cap will eventually surpass the top 500 U.S. companies. 

Furthermore, Saylor addresses the issue of volatility and the generally considered risky asset of Bitcoin. While Bitcoin’s outperformance is likely to result in a multi-fold increase in its holder count, volatility may keep some at bay. 

For those, Saylor emphasizes that Bitcoin is a secure investment for risk-averse individuals looking for stability and protection in the market. Framing Bitcoin as a safe haven puts Bitcoin in a similar category near gold and bonds but with a faster growth rate. 

Bernstein Report: The First Step To Saylor’s Dream

In the shorter term, the recent Bernstein Report projects that Bitcoin is likely to hit the $90,000 mark in Q4 2024 if Donald Trump wins the U.S. presidential elections. This is based on the analysis that the crypto market has made a sentimental link with the Trump forces. 

In recent times, both the extreme political parties in the U.S. presidential elections have made attempts to lure the crypto community. However, the crypto community is slightly better on the page with the Trump team. 

Furthermore, the PolyMarket platform reveals a 52% likelihood of Trump winning the potential and Kamala down to 46%. As most of the Polymarket users are linked to the Web3 or crypto community, this reveals a huge chunk of the crypto community supporting Donald Trump. 

However, the Bernstein Report expects the digital gold price to take a massive plunge if Kamala Harris wins to secure the elections. From the current values, the BTC price will likely undergo the $50,000 psychological barrier to test the $40,000 or even the $30,000 mark.

Bitcoin Price Prediction: Potential for 5,000%+ Upside by 2030

For the BTC’s long-term projection, we have used the logarithmic price chart in a monthly time frame. In this time frame, this BTC price action reveals a long-coming support trendline holding Bitcoin at multiple points. 

The support trendline holds Bitcoin during the 2015 crypto winter, with an early reversal in March 2020 during the COVID times and the 2022 market crash, followed by a minor dip in September 2023. 

Furthermore, a resistance trendline is also visible, completing a rising channel pattern. 

Using the trend-based Fibonacci level over the initial price jump of Bitcoin in 2012-2013, followed by the correction in 2014, Bitcoin tests the 100% Fibonacci level at $76,000. Currently, the BTC price is taking a minor reversal before reaching this resistance level. 

Further, the pullback phase of this support trendline projects a high likelihood of a bullish continuation to surpass this level. Using the Fibonacci extension level, the next target levels are at $1.272 and $1.618, with a massive price gap in between because of the logarithmic price scale. 

Source: TradingView

Currently, the two crucial price targets are $378,132, while the 1.618 Fibonacci level is $2,910,833. This price jump reveals a 5,000%+ upside in Bitcoin. 

The BTC price will unlikely reach this level in the next 2-3 years. By the end of this decade, it might be possible for Bitcoin to reach the $1 million mark eventually. 

Based on this tool, in support of Michael Saylor’s comment, an extremely high $13 million projection comes above the next two resistance levels.